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    Bahrain calls on Russia to establish an Islamic Bank in the country.

    Bahrain Urges Russia to Establish Islamic Bank - Ambassador to Moscow

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    Bahrain calls on Russia to establish an Islamic Bank in the country.

    SOCHI (Sputnik) — Bahrain is calling on Russia to create an Islamic bank with other interested Arabic countries, Bahraini Ambassador to Russia Ahmed Saati said Tuesday.

    "In order to develop our banking cooperation, it is necessary to establish an Islamic bank, jointly Russian with some other Arab countries or Bahrain, this is becoming a very relevant task nowadays," Saati told Rossiya-24 television channel in an interview.

    The issue of establishing an Islamic bank in Russia jointly with several Arab countries will be discussed at the Russian-Bahraini business council in Sochi on Wednesday, RIA Novosti reported.

    Islamic banking stipulates abiding by the rules of Islam, including a prohibition on accepting interest or fees for loans. It is also prohibited to invest in alcohol- or gambling-related products or services.

    In March, Russian media reported that two Islamic banks, Al Baraka and Al Shamal, were in talks with Russian credit organizations to enter their capital market.


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